SAN JOSE, Calif.–(BUSINESS WIRE)–Mar 25, 2020–
Summit Wireless Technologies, Inc. (NASDAQ: WISA), a number one supplier of immersive, wi-fi sound technology for clever gadgets and next-generation house leisure methods and founding member of the WiSA Association, equipped an replace for the fourth quarter ended December 31, 2019.
“Consumer preference for wireless technology is continuing to drive our market opportunity. In response, WiSA members, including a new TV partner and multiple new speaker partners, are designing 14 new projects with most of them targeted for launch by the end of Q3 this year,” mentioned Brett Moyer, CEO of Summit Wireless. “This WiSA Ready TM * and WiSA Certified TM product progress builds upon our successful 2019 holiday season with worldwide retail rollouts and our strong 2020 CES with multiple launches from TV and speaker brands. As projected, we are now actively engaged with four TV brands, including LG Electronics’ OLED and NanoCell WiSA Ready TVs and Sharp’s WiSA Ready speakerless 8K resolution TVs that require accompanying WiSA enabled speakers. Additionally, two ODMs, Hansong and Tonewinner, are developing HDMI dongles for the broader smart TV market. They will support the installed base of 800 million smart TVs with HDMI ARC/eARC.”
WiSA contributors are making an investment advertising assets to advertise WiSA as an ordinary and their comparable merchandise. During Q1 2020, client hobby grew sequentially, and roughly 40% of the original people who visited wisaassociation.org clicked via to contributors’ “Buy Now” or “Learn More” hyperlinks. Members are designing touchdown pages to benefit from those engaged consumers, advertise their merchandise and seize extra of the new build up house theater utilization.
In getting ready to construct the following degree of Summit’s technology enlargement, the company appointed Rob Tobias, CEO of HDMI Licensing Administrator, Inc., to the Summit Wireless board. Tobias’ sturdy relationships with most sensible manufacturers in Asia and his enjoy managing licensing methods for HDMI technology shall be useful as Summit builds an international emblem relied on through each manufacturers and customers for wi-fi immersive sound.
“In March, we raised $1.7 million in gross proceeds. We continue to actively evaluate additional funding options, including a variety of financing alternatives, investment options with a multitude of strategic partners and COVID-19 government loans. To date, we have not seen major impact to project timelines or securing retail placement of our customers’ products beyond a nominal 4 weeks to 8 weeks. Nonetheless, the company has initiated expense and temporary salary reductions that are expected to result in up to $1 million of cost savings in Q2 2020 compared to Q4 2019 and strengthen our financial position,” concluded Moyer.
Technology Launches & Product Rollouts
- CES 2020 Highlights:
- LG Electronics showcased its 2020 OLED and NanoCell WiSA Ready TVs with enhanced WiSA strengthen for quantity and speaker trim.
- Sharp equipped an unique sneak peek of WiSA Ready speakerless 8K TV prototype.
- Harman Kardon introduced any other WiSA Certified answer, HK Surround five.1.
- Savant introduced a Smart Audio WiSA Certified product line.
- Enclave introduced two new house theater methods in addition to the CineSync utility for good TVs and good gadgets.
- The Monaco five.1 Plus Axiim LINK is the primary to send beneath the WiSA and THX partnership.
- Multiple, new answers showcased the WiSA transmitter.
- System Audio earned WiSA Certified™ standing for the SA Legend 10 Silverback, a wi-fi energetic center-channel speaker and the SA Legend 7 Silverback, a wi-fi, on-wall speaker.
- Lithe Audio added the Summit module to its ceiling speaker.
- WiSA’s eight channels of HD wi-fi audio had been expanded to strengthen Dolby Atmos’ elevation channels.
- WiSA added new contributors, together with Sonavox, Lithe Audio (UnfashionableTouch), Zinwell Corporation, and Heavenly Soundworks.
- Reported earnings consistent with prior quarters.
- Appointed Rob Tobias, HDMI® Licensing Administrator CEO, Chair & President to our board of administrators in February.
- Raised gross proceeds of roughly $1.7 million in a non-public placement of a senior secured convertible safety in March.
Summit Wireless Investor Update Conference Call
Summit Wireless will host a convention name at 1:30 p.m. Pacific Time as of late, March 25, 2020, to offer a business replace. Shareholders and members might concentrate to a are living broadcast of the convention name through dialing 877-423-9813 or 201-689-8573 and referencing code 13700954 roughly 10 mins previous to the beginning time. A are living webcast with accompanying slides shall be at the investor members of the family phase of the company’s website online at ir.summitwireless.com and to be had for about 365 days. An audio archive will also be accessed for one week through dialing 844-512-2921 or 412-317-6671 and getting into convention ID 13700954.
About Summit Wireless Technologies, Inc.
Summit Wireless Technologies, Inc. (NASDAQ: WISA) is a number one supplier of immersive, wi-fi sound technology for clever gadgets and next-generation house leisure methods. Working with main CE manufacturers and producers corresponding to Harman International, a department of Samsung, LG Electronics, Klipsch, Bang & Olufsen, Xbox, a subsidiary of Microsoft, and others, Summit Wireless delivers seamless, dynamic audio reviews for high-definition content material, together with films and video, song, sports activities, gaming/esports, and extra. Summit Wireless is a founding member of WiSA, the Wireless Speaker and Audio Association and works in joint partnership to champion probably the most dependable interoperability requirements around the audio business. Summit Wireless is headquartered in San Jose, CA with gross sales groups in Taiwan, China, Japan, and Korea. For additional information, please talk over with: www.summitwireless.com.
* WiSA Ready TVs, gaming PCs and console methods are “ready” to transmit audio to WiSA Certified audio system when a WiSA USB Transmitter is plugged in and a user interface is activated via an APP or product design like LG TVs.
© 2020 Summit Wireless Technologies, Inc. All rights reserved. Summit Wireless Technologies and the Summit Wireless emblem are logos of Summit Wireless Technologies, Inc. The WiSA emblem, WiSA, WiSA Ready, and WiSA Certified are logos, or certification marks of WiSA LLC. Third-party industry names, logos and product names are the highbrow belongings in their respective homeowners and product names are the highbrow belongings in their respective homeowners.
Safe Harbor Statement
This press unlock incorporates forward-looking statements throughout the that means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Readers are cautioned to not position undue reliance on those forward-looking statements. Actual effects might range materially from the ones indicated through those forward-looking statements on account of dangers and uncertainties impacting Summit Wireless’ business together with, present macroeconomic uncertainties related to the COVID-19 pandemic, our talent to expect the timing of design wins getting into manufacturing and the possible long run earnings related to our design wins; our charge of enlargement; our talent to expect buyer call for for our current and long run merchandise and to safe good enough production capability; client call for prerequisites affecting our buyer’s finish markets; our talent to rent, retain and encourage staff; the results of pageant, together with price battle; technological, regulatory and criminal trends; trends within the financial system and monetary markets and different dangers detailed every so often in Summit Wireless’ filings with the Securities and Exchange Commission.
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Kirsten Chapman, LHA Investor Relations, 415.433.3777,firstname.lastname@example.org
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: MOBILE/WIRELESS TECHNOLOGY SEMICONDUCTOR ENTERTAINMENT SPECIALTY HOME GOODS AUDIO/VIDEO TV AND RADIO RETAIL CONSUMER ELECTRONICS
SOURCE: Summit Wireless Technologies
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